• Free Market Rejects Mitt Romney

    Mitt Romney frequently notes that he "didn't just study economics in school, I've lived in the economy for 25 years." Which is odd, because I imagine a house with a car elevator is more of a "standard" or at worst a "compact" rather than an "economy." But the remarks do reveal the extent of Romney's affinity for the free market.

    Sadly for Romney, the invisible hand keeps giving him the finger. The odds that Romney will be elected have fallen to 32.1 percent in the wake a largely successful Democratic National Convention, Ben Bernanke's decision to complete his collection of toxic bonds and Romney's ill-fated attempt at telling an "Aristocrats!" joke, according to online prediction market Intrade. Each Intrade contract pays out for winners, so a price of $3.21 implies a 3.21 percent chance of a Romney victory.

    Nevertheless, supporters of the president have reason to be cautious. The "smart money" is often pretty dumb. The night before the Supreme Court upheld Obamacare, Intrade showed a 75% likelihood for the individual mandate being overturned.

    Besides, there may be more than meets the eye in this recent spate of bad news for the Romney campaign. If nothing else, the man was a savvy financier. Someone should check if a certain someone's $102 million IRA has been shorting Romney Intrade stock right before every Romney campaign appearance.

    Tags: Economy, Mitt Romney


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